An HOA Guide to Choosing Property Management Payment Solution Vendors

For a homeowners’ association (HOA), choosing the right property management payment solution vendor to meet the needs of the organization is very important. Finding the right features to meet the need of the individual HOA is vital since some will only require a handful of features and others will need a comprehensive, omni-channel payment platform. Knowing the key factors to consider before making a purchase is important, so here we look at what needs to be considered before finalizing a choice.

Will Scalability Be an Issue?

If the business is likely to expand, choosing a solution that is capable of scaling down or up to meet the requirements of the specific homeowners’ association is vital.

Functioning with Existing Systems

When choosing any form of payment solution provider, finding out whether their platform  is capable of integrating with the existing business software systems is key.

A Demonstration Model

Whenever it is possible, you should get a demo version of the payment solutions. This can help you to make a decision about which solution is the right one for your HOA and whether it will fit into the company’s operation. Choosing a provider that will permit a free trial or has a demonstration version is often the first step in the process.

Are There Testimonials Available?

Getting references from previous and existing clients of the vendor is helpful, especially those that operate in a similar industry and/or that might have similar business models for payment collections. .

Handling Payments

Sometimes, in-house property management software will have a payment processing program as part of its suite. However, sometimes a separate property management payment processing solution is a better option for some HOAs. BillingTree is one such property management payment processing provider. The company can offer tailored solutions that perfectly meet the changing needs and demands of today’s homeowners’ associations.

Having a streamlined and cutting-edge way of processing HOA fees couldn’t be more important to keep revenue coming in and cash flowing. BillingTree’s solutions can meet this requirement thanks to its integrated technologically advanced payment portals and IVR systems that can facilitate convenient resident payments, and make it easier than ever to receive funds and outstanding balances in a timely manner.

Of course, all HOAs know that meeting PCI, SSAE-16, and HIPAA regulations surrounding compliance is essential, and BillingTree’s solutions can bring all parties peace of mind since their entire omni-channel payment platform is fully certified for all compliance regulations.

When choosing between different property management payment solution vendors, finding one that can tick all the boxes can be a challenge. However, if you bear the above considerations in mind, you will find that you have made the right choice for your homeowners’ association. Your revenue cycle will become more streamlined and the relationships with your residents will be a lot more positive and productive.